The Metaverse and the Web3: two closely related concepts

Currently, the Metaverse and the Web3 are topics of most interest. If the two concepts are for some a great vagueness, the big names of Silicon Valley, for their part, are investing more and more on the issue. What are the challenges of these technologies? What binds them? Let’s take stock.

Metaverse and Web3: what are we talking about?

Let’s start by defining these two elements. The Metaverse is a term coined in 1992 by Neal Stephenson in his science fiction novel “Snow Crash”. In her book she describes a futuristic world based on virtual reality. Today the Metaverse is mainly defined as a fully immersive 3D environment where individuals would interact with each other, but also with avatars as if they were real. The goal is to allow users to play, socialize, meet new people and even work in dedicated 3D spaces.

The concept of Web3 is more recent. It refers to a decentralized version of the Internet, after Web 1.0 and Web 2.0. Through it, Internet users would have the ability to control their data without intermediaries, to protect it and thus to process information more intelligently.

Web 3.0 and Metaverse: two complementary notions

The two concepts are closely related. At one point they were even the object of a common name, that of Web 3.0, which designates the third major version of the Internet. These two technologies, together with artificial intelligence and Big Data, could be the pillars of the Internet of tomorrow. They could in fact offer users the opportunity to enjoy more real interactions and to access online services in a totally autonomous way.

Take the example of travel. The Metaverse and Web3 could allow you to go to the other side of the world without having to leave your home. Beyond that, the entertainment industry could become even more interactive. The size of a concert hall would no longer matter. Fans could move freely there and evolve closer to the artists. Movies and TV series could become a form of Metaverse on their own. Individuals could virtually immerse themselves in it and have extraordinary experiences.

And what about French companies in all of this?

Faced with the media craze experienced by the Metaverse and the Web3, it is interesting to ask what French companies think. A Sortlist study investigated the topic in March 2022. Out of 200 companies surveyed and that have already invested in the Metaverse, it seems that, at present, the technology seems to be targeting mainly men (64%), high-profile companies. growth (60%) and Generation Z (55%). Otherwise, 26% of brands expect to realize a return on their investment in the Metaverse, while 17% expect to collect data. 68% of brands surveyed think the device will experience a boom in the next 5 years, and 55% believe it is a risky investment worth it.

Additionally, 92% of companies revealed that the pandemic had accelerated their investments in Metaverse. It should be noted that a second study conducted this time with the general public reveals this 54% of individuals are not yet ready to trust a possible virtual world. Sure, the business model on paper is promising, but doubts remain, particularly in terms of cyber security, protection of personal data or even loss of value for mental health. Keep on…

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